On adjustable rate mortgages, the 5/1 ARM held steady at 3.37 percent.

The mortgage market has been quiet in the past few days, and the Fed seems determined to keep it that way.

Federal Reserve policymakers wrapped up their two-day meeting on Wednesday. As expected, the Fed once again trimmed its bond-buying program by another $10 billion. Starting in July, the Fed will spend $35 billion per month in the purchase of mortgage and Treasury bonds, instead of $45 billion.

Mortgage rates have not taken much of a hit as the Fed gradually reduces the pace of those purchases. The biggest impact happened last year, when rates jumped about a percentage point after the Fed announced it planned to taper the program.

All signs indicate rates are likely to remain stable for now, but borrowers shouldn't take a chance. If you have a compelling mortgage rate on the table, lock it in as soon as you can. You can always shop around for the best mortgage rates using the free search engine on Bankrate.com. I'm Doug Whiteman.

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